Edonia, a French food-tech start-up, has secured €15 million to scale up the production of its microalgae-derived protein ingredient, known as Edo. This functional ingredient is derived from spirulina and is intended as an alternative to conventional animal proteins such as meat, cheese, and seafood.
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Beyond simply replicating animal products, Edo can enhance the nutritional profile of various everyday foods, catering to the industry's demand for multi-functional and minimally processed ingredients.
The funding round was led by Swen Blue Ocean 2, Asterion Ventures, and EIT Food. It also included non-dilutive funding from Bpifrance under the France 2030 plan, as well as bank financing. Benoît Lelong, senior investment manager at EIT Food, remarked that this investment highlights both the strength of Edonia's technology and the increasing market need for innovative protein solutions that prioritize nutrition, affordability, and sustainability.
The funds will enable Edonia to industrialize its production processes and establish a new facility through a partnership in a shared location in France. The company aims to expand its B2B foodservice sales model across Europe, Japan, and the United States. Currently, Edonia has secured €30 million in pre-orders through approximately 20 contracts with industry partners.
Edo is produced using Edonia’s proprietary Edonization technology, a patented process developed in collaboration with AgroParisTech. This method transforms spirulina into a tender grain, boasting a carbon footprint that is reportedly up to 27 times lower than that of meat, according to EIT Food.
Hugo Valentin, Edonia's co-founder, expressed confidence in the potential of microalgae to provide alternative food sources, stating that their successful transition from pilot to large-scale production indicates the viability of applications beyond nutraceuticals, particularly in the realm of ready-to-use protein ingredients. He emphasized the company's aim to create nutritious and minimally processed whole food plant-based proteins that can be produced at scale and competitive prices.